Greenwich, Conn.-based Starwood Capital Group spent more than $12 million in early May to buy two extended stay Crestwood Suites properties in Metro Orlando, part of a 50-hotel acquisition nationwide to expand its InTown Suites brand.
A leading private investment firm with more than $42 million in global real estate assets, Starwood Capital created local affiliate SCG LH Disney Orlando LP in late April, then bought the Crestwood Suites at 8010 Presidents Dr. on May 5 for $5.86 million, per state and county records.
Based near the intersection of W. Sand Lake Road and S. John Young Parkway, the hotel, with 144 rooms, previously sold for $6.34 million in January 2004.
The company also created SCG LH Orlando UCF LP to acquire the 134-room Crestwood Suites near University of Central Florida, at 11424 University Blvd., on May 5 for $6.3 million. It previously sold for $6.05 million in January 2004.
InTown Suites expands its Orlando portfolio from three to five hotels with the two acquisitions. Starwood Capital will be rebranding the newly acquired hotels over the next few months.
Starwood Capital declined to comment Tuesday on the amount it will spend on rebranding its new Orlando assets, what the timeline will be for that, and if it has hired general contractors for the work.
The company announced on May 19 that it bought a portfolio of 50 U.S. economy extended-stay hotels from Mount Kellett Capital Management LP and its partners, in order to grow its InTown Suites brand. Acquired through a controlled affiliate, Starwood Capital took on 6,106 rooms throughout the U.S. Southeast in the deal.
Starwood Capital has one of the largest portfolios of select-service hotels in the United States. With the acquisition, InTown Suites will become the largest owner of economy extended-stay hotels in the U.S., with 189 owned locations. Starwood Capital bought InTown Suites in 2013.
Starwood Capital Group Holdings LLC's affiliate ASH Village at Alafaya Club LP spent $45.3 million in late January to buy the 228-unit Village at Alafaya Club Apartments, located at 3100 Alafaya Club Dr. near UCF.